Technology company Net Power hasn’t given up on its ambition to build a natural gas-fired power plant with next to zero emissions.
But the company’s journey to that point is evolving — and may come with some pollution.
North Carolina-based Net Power announced plans in late 2022 to construct a roughly 300-megawatt plant with near-zero atmospheric emissions in West Texas. In June 2023, Net Power went public through a merger and high-fiving executives rang the opening bell on the New York Stock Exchange.
Since then, however, the startup of the plant — now known as Project Permian — has been pushed back three years and the company’s stock price has sunk from more than $14 per share in 2023 to $2.44 on Monday. The company also reported no revenue in the first six months of 2025. And some top executives were “relieved” of their day-to-day duties and departed the company earlier this year.
